SEC crowdfunding rules include anti-money laundering and financial crime requirements while Canadian regulators lag behind on issuing rules

Tweet After more than a year, the U.S. Securities and Exchange Commission has released draft crowdfunding equity rules (the “Rules“) for comment under the U.S. Jumpstart Our Business Startups Act (the “JOBS Act“). The JOBS Act was brought into force in 2012 in an effort to facilitate the injection of capital in growing companies and start-ups. With respect to crowdfunding, its objective […]

Part 2 – Macau casinos with junket operators face regulatory balancing act amid international money laundering concerns

Tweet Increased pressure on Macau’s casinos Macau is facing a delicate balancing act – how to satisfy mounting international demands to crack down on money laundering and other criminal activities in its $38 billion gambling industry, without killing the goose that lays the golden egg. Finding a way of regulating the junket operators, which bring […]

Part 1 – How casino junkets work in VIP gambling rooms, luring in whale gamblers from China and how Macau junkets are trying to polish their image

Tweet This article was originally published in Asia Gambling Brief.  Macau junket operators of casino VIP rooms working on image Some of Macau’s biggest junket operators — also known as VIP gambling promoters — are planning to exhibit at next month’s Macau Gaming Show in a sign this integral part of the local gaming scene […]

UK independent reviewer releases 2012 terrorism report

Tweet The independent reviewer of the U.K.’s terrorism legislation has released his latest report (the “Report“) highlighting terrorism developments over the last 12 months in the U.K. Some interesting parts of the Report are as follows: Terrorist acts targeted against Jewish people According to the Report, there were several terrorist incidents in the U.K. principally […]

Money laundering and human trafficking

Tweet Human trafficking – a serious and growing problem According to a report by the United Nations Economic Commission for Europe, the revenues of human traffickers is estimated to range from $5 billion to $9 billion annually. And according to a US State Department report published in 2011, approximately 12 million people, primarily women and […]

Singapore takes action against 69 financial institutions over lax money laundering compliance

Tweet Singapore’s Monetary Authority of Singapore has issued a number of fines, warnings, reprimands and compliance orders to 69 financial institutions for multiple failures to comply with anti-money laundering and counter terrorist financing requirements. The move is Singapore’s effort to appear to be strengthening its anti-money laundering laws to preserve its reputation as the hub […]

Review of high risk countries for money laundering

Tweet The Financial Action Task Force (“FATF“) has released its list of high risk jurisdictions for money laundering and counter terrorist financing. Reporting entities are generally required to apply enhanced due diligence when dealing with funds from jurisdictions that are high risk. The high risk countries are: Vietnam Syria Iran Kenya Ecuador Korea Ethiopia Indonesia […]

Canadian charged with failure to report importation of money concealed in underwear

Tweet The US has charged a Canadian woman for failing to report the transportation of more than USD$10,000 cash in the country as required by US anti-money laundering legislation. The woman, Moura El-Asmar, is alleged to have sewn $39,000 into her bra and to have attempted to enter the US wearing that bra. She is […]

Auditor General of Canada says $3.1 billion in funding to combat terrorism unaccounted for

Tweet The Auditor General of Canada, Michael Ferguson, released his Spring 2013 Report (the “Report“) today and among the key findings, found that $3.1 billion in funding to programs to combat terrorism in Canada is unaccounted for. Moreover, the Report found that some of the $12.9 billion approved for fighting terrorism in Canada went to pay […]